Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd</a>, <a href="https://www.smartkarma.com/entities/kum-yang-co-ltd" target="_blank" data-smartkarma-citation="entities:10364:1" rel="noopener">Kum Yang</a>, <a href="https://www.smartkarma.com/entities/jyp-entertainment-corp" target="_blank" data-smartkarma-citation="entities:17598:1" rel="noopener">Jyp Entertainment</a>, <a href="https://www.smartkarma.com/entities/daewoo-shipbuilding-marine-engineering" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean</a>, <a href="https://www.smartkarma.com/entities/hanmi-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:15587:1" rel="noopener">Hanmi Semiconductor</a> and <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX</a> have all rallied recently and could find their way into global passive portfolios.</li>
<li>There could be liquidity events in some of the stocks as early as the end of the month and there is pre-positioning on a lot of the stocks.</li>
<li>Retail investors have been big buyers in <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co</a> and <a href="https://www.smartkarma.com/entities/kum-yang-co-ltd" target="_blank" data-smartkarma-citation="entities:10364:1" rel="noopener">Kum Yang</a> while foreign investors have been buyers in <a href="https://www.smartkarma.com/entities/jyp-entertainment-corp" target="_blank" data-smartkarma-citation="entities:17598:1" rel="noopener">Jyp Entertainment</a>, <a href="https://www.smartkarma.com/entities/daewoo-shipbuilding-marine-engineering" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean</a>, <a href="https://www.smartkarma.com/entities/hanmi-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:15587:1" rel="noopener">Hanmi Semiconductor</a> and <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX</a>.</li>
</ul>



Ecopro Co Ltd, Kum Yang, Jyp Entertainment, Hanwha Ocean, Hanmi Semiconductor and Posco DX have all rallied recently and could find their way into global passive portfolios.
There could be liquidity events in some of the stocks as early as the end of the month and there is pre-positioning on a lot of the stocks.
Retail investors have been big buyers in Ecopro Co and Kum Yang while foreign investors have been buyers in Jyp Entertainment, Hanwha Ocean, Hanmi Semiconductor and Posco DX.


Korea - Positioning in Ecopro, Kumyang, JYP Entertainment, Hanwha Ocean, Hanmi Semi, Posco DX

<ul>
<li>We take a look at <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a>, <a href="https://www.smartkarma.com/entities/kum-yang-co-ltd" target="_blank" data-smartkarma-citation="entities:10364:1" rel="noopener">Kum Yang (001570 KS)</a> and <a href="https://www.smartkarma.com/entities/jyp-entertainment-corp" target="_blank" data-smartkarma-citation="entities:17598:1" rel="noopener">Jyp Entertainment (035900 KS)</a> since they appear to be on investor radars.</li>
<li>Foreign investors have been buyers while retail have been sellers in <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co</a> and <a href="https://www.smartkarma.com/entities/kum-yang-co-ltd" target="_blank" data-smartkarma-citation="entities:10364:1" rel="noopener">Kum Yang</a> over the last month, while foreign investors have continued to buy <a href="https://www.smartkarma.com/entities/jyp-entertainment-corp" target="_blank" data-smartkarma-citation="entities:17598:1" rel="noopener">Jyp Entertainment</a>.</li>
<li>Short interest on all stocks has dropped over the last month, though there has been a recent tick up in shorts on <a href="https://www.smartkarma.com/entities/jyp-entertainment-corp" target="_blank" data-smartkarma-citation="entities:17598:1" rel="noopener">Jyp Entertainment (035900 KS)</a>. </li>
</ul>


We take a look at Ecopro Co Ltd (086520 KS), Kum Yang (001570 KS) and Jyp Entertainment (035900 KS) since they appear to be on investor radars.
Foreign investors have been buyers while retail have been sellers in Ecopro Co and Kum Yang over the last month, while foreign investors have continued to buy Jyp Entertainment.
Short interest on all stocks has dropped over the last month, though there has been a recent tick up in shorts on Jyp Entertainment (035900 KS). 


Korea - A Look at Ecopro, Kumyang & JYP Entertainment

<ul>
<li>The changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">PCOMP INDEX</a> in August.</li>
<li>There are a bunch of review cutoffs on Monday, most notably for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a>, the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices and the KRX New Deal indices.</li>
<li>There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.</li>
</ul>


The changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the PCOMP INDEX in August.
There are a bunch of review cutoffs on Monday, most notably for the Nikkei 225 (NKY INDEX), STAR50 INDEX, the NIFTY family of indices and the KRX New Deal indices.
There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.


Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices started 1 June and will end 31 August. The changes will be implemented at the close 7 September.</li>
<li>We see 8 migrations from MidCap to LargeCap, 7 migrations from LargeCap to MidCap, 6 new adds to MidCap, and 16 migrations from SmallCap to MidCap.</li>
<li>Historically, stocks migrating from SmallCap to MidCap have outperformed stocks that are migrating between other categories.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices started 1 June and will end 31 August. The changes will be implemented at the close 7 September.
We see 8 migrations from MidCap to LargeCap, 7 migrations from LargeCap to MidCap, 6 new adds to MidCap, and 16 migrations from SmallCap to MidCap.
Historically, stocks migrating from SmallCap to MidCap have outperformed stocks that are migrating between other categories.


KOSPI Size Indices - Plenty of Overlap With Other Index Flows

<ul>
<li>Busy week in India with the adhoc changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank</a> due to the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited</a> and <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank</a> merger.</li>
<li>The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.</li>
<li>Yet another week of inflows to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF and outflows from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF (2828 HK)</a>. </li>
</ul>


Busy week in India with the adhoc changes to the NIFTY, NSE Nifty Next 50, S&amp;P BSE SENSEX and Nifty Bank due to the HDFC Limited and HDFC Bank merger.
The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.
Yet another week of inflows to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF and outflows from the Hang Seng H Share Index ETF (2828 HK). 


Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

South Korea

Hyundai IBT Co., Ltd. develops and manufactures various monitors. The Company'sproducts include thin film transistor-liquid crystal display (TFT-LCD), plasma display panel (PDP), and color display tubes (CDT) monitors. Imagequest also produces thin client (window based terminal) products and markets notebook computers.

E-Investment&Development Co., Ltd. develops and manufactures mobile modules. The Company produces slide hinge module of cellular phone and mock-up for cellular phone.

Sindoh Co., Ltd. manufactures office equipment such as copiers, facsimiles, printers, and copier related products.  The Company also offers financial services through its subsidiaries.

Kona I Co., Ltd. develops and provides electronic purse cards, called smartcards , which can be used for online and offline settlements and payments.  The Company also sells smart card readers, automatic teller machines, integrated transportation systems, and chips on board (COB) used in electronic cards.

Spigen Korea Co Ltd manufactures phone accessories.  The Company's main products include mobile phone cases, screen protectors and bags.

BioSmart Co., Ltd. manufactures and markets magnetic stripe cards, and memory and microprocessor smart cards.  The Company also develops, produces, sells, and maintains card issuing equipment, which is able to encode, emboss, and indent automatically.  KBC supplies its products to banks, department stores, credit card companies, and security firms.

Atec Co., Ltd. develops a variety of products utilizing thin film transistor (TFT) liquid crystal display (LCD).  The Company's products include LCD personal computer (PC), LCD monitor, and web kiosk.  Atec also sells computers and computer peripheral equipment and provides network installation and system maintenance service.

Kortek Corporation manufactures a line of monitors such as touch screen, cathode ray tube (CRT), thin film transistor-liquid crystal display (TFT-LCD) monitors, and plasma display panels (PDP).  The Company's products have application for video game devices, bowling centers, closed circuit televisions (CCTV), information kiosks, and medical equipment.

S Connect Co., Ltd. is a semiconductor and related software manufacturing company.  The company products include wafer prober and chiller.  S Connect also operates overseas using its agent companies.

MOBASE Co., Ltd. manufactures hard cases for mobile phones and laptop computers and provide its products to Samsung Electronics.

Tsinghua Tongfang Co., Ltd. manufactures personal computers, designs application software, offers education programs, and provides a variety of computer network and system integration services.  The Company also produces energy and environmental engineering equipment and develops and sells real estate properties.

Catcher Technology Co., Ltd. manufactures aluminum and magnesium die casting products which are used in notebook computers, cellular phones, and hard disk drive bases.

FTC is a global engineering solutions partner for lightweight, eco-friendly casing and mechanical parts, heat dissipation modules, and electronics components.

Chicony Electronics Co., Ltd. develops, manufactures, and markets keyboards for laptops and notebook computers, computer mice, digital cameras and other related parts.

Acer Inc. manufactures and distributes semiconductor products, personal computers, computer peripherals, multimedia products, and computer software. The Company also provides maintenance and repair services to customers.  In addition, Acer Inc. operates real estate business. The Company markets its products under the Acer brand name.

Qisda Corporation manufactures and markets computer peripheral, communication, and consumer electronic products.  The Company also provides consulting and technical services.  The main products are multimedia displays, keyboards, scanners, mobile phones, and compact disk read only memory (CD-ROM) drives.

Shenzhen Kaifa Technology Co., Ltd.  manufactures and markets computer hardware, peripheral equipment, communication equipment, and other electronic instruments and components.The Company's main products include magnetic heads and hard disks.

China Greatwall Technology Group Co Ltd manufactures and develops computers and peripheral equipment.  The Company's products include computers, servers, monitors, printers, power packs, and other related products.  Greatwall Computer also develops computer software, provides networking system integration, and consults on e-commerce solution.

China Greatwall Technology Group Co Ltd (000066 CH)

GRG Banking Equipment Co.,Ltd. develops, manufactures and markets automated teller machines (ATMs) and other banking machines. The company also develops and sells banking machine related software.

Digital Telecommunications Infrastructure Fund owns telecommunications towers and other related passive telecommunications infrastructure for mobile telecommunications services. Digital Telecommunication also owns core fiber optic cable grid and related transmission equipment and an up-country broadband system.

Digital Telecommunications Inf (DIF/F TB)

COSMOAM&T Co., Ltd. manufactures, sells, and exports blank video & audio recording tapes including back-coated tapes, high speed recordable tapes, and video head cleaners.  The Company also produces recordable and rewritable optical discs, such as compact discs (CD), mini discs (MD), and digital video discs (DVD).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CosmoAM&T (005070 KS)

Korea - Positioning in Ecopro, Kumyang, JYP Entertainment, Hanwha Ocean, Hanmi Semi, Posco DX

A bunch of Korean stocks have rallied recently amid high volatility and outperformed peers. Potential inclusion in global passive portfolios has...

Brian Freitas

Korea - A Look at Ecopro, Kumyang & JYP Entertainment

Ecopro, JYP and Kumyang stock prices are volatile and a couple are trading sharply higher again today. The price spurts have implications for the...

Brian Freitas

Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

KOSPI Size Indices - Plenty of Overlap With Other Index Flows

We currently forecast 52 changes for the KOSPI Size Indices. While there are few passive assets tracking these indices, they are used by active...

Brian Freitas

Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)